February 03, 2016

Why You Should Keep Tabs on Your Competition


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Business is a lot like sports. Well, not exactly — there isn’t always a clear-cut winner or loser — but there are similarities. And the key parallel between sports and business is that you’re always going to have competitors. But that’s actually a good thing. Why, you might ask? Competition can actually make you better at what you do. So let’s look a bit closer, shall we?

To start, your competitors push you to be your best. They keep you on your toes and make your evaluate ways you can improve. Are you leading the pack? If not, who is and why? Analyze what your competitors are doing well and what they are not. And take notes: if something is working for them, it could work for your business.

But listen: we’re not telling you to copy their every move. Rather, we’re saying that it’s good to understand how other companies are tackling the same market (or aren’t). You can learn just as much from your own mistakes and successes as you can from your competitors’.

Next, competition forces you to differentiate yourself from the pack. Why does your business deserve to be in this space? What makes your product/service/trade unique? Evaluate your best assets and use those to push ahead.

And finally, competition isn’t always an “us vs. them” mentality (remember this, it’s important)! Maybe your company is really great at one aspect, but another company is excelling in another. Could you work with them rather than against them to become more successful? If so, it doesn’t hurt to reach out to them and discuss the benefits of collaborating. And at AcceleratingCFO, we’re all about teamwork (because working together may improve both of your businesses in the long run), so don’t rule this option out.

Are you prepared to handle the biggest challenges faced by business owners?

Don’t get blindsided by problems that other talented leaders have already solved.

We’ve teamed up with Dr. Hector Lozada, Professor of Economics at Seton Hall to survey business owners ranging from start-up founders to seasoned CEOs. What came out of it is a cheat sheet for sidestepping the roadblocks, bottlenecks, and challenges that plague your colleagues and competitors.

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